What sum of money will amount to D10 400 in 5 y... - WAEC Mathematics 2016 Question
What sum of money will amount to D10,400 in 5 years at 6% simple interest?
A
D8,000.00
B
D10,000.00
C
D12,000.00
D
D16,000.00
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Correct Option: A
A = P + 1
I = A - P
= 10,400 - P
Now using I = (\frac{P \times T \times R}{100})
i.e. 10,400 - P = (\frac{P \times 5 \times 6}{100})
= 100(10,400 - P) = 30P
10(10,400 - P) = 3P
104,000 - 10P = 3P
104,000 - 10P = 3P
104,000 = 3P + 10P
= 104,000 = 13P
P = (\frac{104,000}{100})
P = D8,000
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